Property insurers and reinsurers all have a dataset that is simultaneously:
It’s worth exploring how a historical database of claims can be all three things at once.
Property insurers and reinsurers all have a dataset that is simultaneously:
It’s worth exploring how a historical database of claims can be all three things at once.
Topics: Natural Hazard Risk, Insurance Underwriting, Property Insurance
This post proudly features guest writer Michael Wollersheim, geomatics scientist and lead engineer at Intermap Technologies.
In the preceding three years, I have had the great pleasure of attending some of the foremost conferences on wildland fire hosted by organizations like the National Fire Protection Association (NFPA) and the International Association of Wildland Fire (IAWF). I have also been fortunate to have the opportunity to visit the world-class Missoula Fire Sciences Laboratory at the Rocky Mountain Research Station to speak with some of the leading researchers in this complex field of science, economics, and politics.
Topics: Natural Hazard Risk, Risk Management, Wildfire, Other Risk Models
Peril, risk, and hazard are three words used frequently in my business. And according to the Oxford English Dictionary, they have very similar definitions:
You could get away with interchanging these words in day-to-day conversation. But in insurance and financial circles, they each have a distinct meaning and it’s important to understand their differences.
Topics: Natural Hazard Risk, Risk Management
Property insurers rely on many types of tools for risk analysis, but none quite so complex as the cat model. Short for catastrophe, cat modeling uses computer-assisted calculations to estimate the losses that could be sustained due to a catastrophic natural event. Perils analyzed include flood, hurricane (wind damage and storm surge), earthquake, tornado, hail, wildfire and winter storm. The principle function of cat models is to help insurers prove their financial solvency.
Topics: Natural Hazard Risk, Natural Catastrophe, Other Risk Models
One of the keys to understanding flood risk is understanding the nuances of the type (or types) of flood you face. Why? A flood’s a flood, right? Wrong. There are several different kinds of flood, and each one bears a different impact in terms of how it occurs, the damage it causes, and how it is forecasted. Here’s a crash course on three common types of flood to help you better assess your risk.
Topics: Natural Hazard Risk, Floods, Natural Catastrophe, Flood Risk
Welcome to The Risks of Hazard, brought to you by Intermap Technologies®. From the latest industry news and trends, to insight from thought leaders around the globe, stay tuned for a variety of content aimed at helping you better understand the role of location-based intelligence in the world of insurance underwriting and risk assessment.
To see how Intermap delivers analytics tailored to your underwriting, visit our InsitePro page.